It may be bye-bye to public markets for luxury department store Nordstrom (JWN) .

Nordstrom shares spiked 6% on Friday on a Reuters report that the company's founding family is finalizing plans to take the chain private. A spokesperson for Nordstrom did not immediately return a request for comment.

TheStreet's Jim Cramer and his Action Alerts Plus research team added Nordstrom to its charitable trust portfolio on Feb. 6 for a number of reasons. Taking advantage of the market correction, the team reasoned Nordstrom's earnings power was being undervalued amidst the selloff.

Back in January, the company pre-announced a positive same store sales increase for the crucial November/December months, doubling expectations of a half a percent rise by achieving positive 1.2%.

The team also liked Nordstrom's diversification. Nordstrom is not just luxury, it also appeals to the discount shopper through its Nordstrom Rack chain.

"We think that trends here can improve as the business plays catch up to Kohls (KSS) ," Cramer said.

Plus the company is building new flagship store in Manhattan. The 47,000 square foot men's store will open in the spring of 2018, and the 320,000 square foot women's store will open in the fall of 2019. These clothing and accessories meccas should be powerful enhancers of the Nordstrom brand, and ring up healthy sales over time.